3:30 pm Market at Close: Equity benchmark indices ended the session on a positive note, with the Sensex and Nifty holding on to key levels of 31000 and 9600.

The Sensex was up 50.12 points at 31159.40, while the Nifty was up 19.65 points at 9624.55. The market breadth was negative as 1,232 shares advanced against a decline of 1,452 shares, while 155 shares were unchanged.

Adani Ports, Aurobindo Pharma, and NTPC were the top gainers, while BHEL, ITC, Power Grid Corp and BPCL lost the most.

Pharma stocks had a field day, showing strength after days of corrective phase. The index on the Nifty was up over 2 percent. PSU banks too gained nearly 2 percent. Midcaps too had a good day, adding over a percent on the Nifty.

The 30-share BSE Sensex was up 72.25 points at 31,181.53 and the 50-share NSE Nifty rose 19.10 points to 9,624.

2:45 pm P-notes investment: Investors participating in Indian capital markets through Participatory-notes (P-notes) are likely to come in directly as FPIs, with Sebi's new proposals expected to make investment via these instruments costlier.

P-notes or Offshore Derivative Instruments (ODIs) are issued by registered FPIs to overseas investors who wish to be a part of the Indian stock markets without registering themselves directly. They, however, need to go through a proper due diligence process.

Sebi has proposed to levy a regulatory fee of USD 1,000 for each P-note issued by foreign portfolio investors and bar issuance of such derivative-based instruments for speculative purposes to check any misuse of these products for channelising black money.

It said note-holders will have exposure to the derivatives market only for hedging and not for speculation.

2:30 pm Earnings: Utility vehicle & tractor maker Mahindra and Mahindra has reported a robust 26.3 percent growth in profit at Rs 873.72 crore for January-March quarter year-on-year, saying its FY18 outlook is much more robust. Other income and exceptional gain boosted bottomline.

Revenue during the quarter increased 4.3 percent to Rs 10,612 crore compared with Rs 10,174.58 crore in same quarter last fiscal, impacted by slow volume growth of 2.5 percent.

Its tractor volumes were strong while automotive volumes were under pressure in Q4. The company sold 1.88 lakh units in the quarter ended March 2017 against 1.83 lakh units sold in year-ago quarter.

"The outlook for 2017-18 is much more robust with a favourable domestic and global backdrop. Monsoon is forecast to be normal for the second consecutive year which bodes very well for demand recovery," the company said in its filing.

2:15 pm Market Check: Benchmark indices were trading in a narrow range after posting gains during the morning session, with the Nifty being above 9600-mark.

The Sensex was up 67.22 points at 31176.50, while the Nifty was up 15.15 points at 9620.05. The market breadth was negative as 1,107 shares advanced against a decline of 1,448 shares, while 141 shares were unchanged.

Pharma stocks continued to see strong gains after days of correction.

Adani Ports, Aurobindo Pharma and NTPC gained the most, while BHEL, ITC, Bharti Infratel and BPCL lost the most.

1:50 pm Power sufficiency: More than 82 percent of the country will have more than enough power in FY18, the Central Electricity Authority has said. In a report, the apex power sector planning body in India, stated that in 2017-18, India will enjoy 8.8 percent surplus energy and a peak-hour surplus of 6.8 percent, reports Economic Times.

According to data based on the gap between the availability of electricity and the requirement of power as mentioned by states, 23 out of 29 states and seven out of eight Union Territories will be power surplus on average during this fiscal year.

The report also states that the the eastern region of the country will be able to meet its power demands in full.

1:30 pm Buzzing Stock: Adani Enterprises zoomed over 12 percent intraday on Tuesday as investors reacted positively to the development around its Australian coal project.

Adani Enterprises said it had reached an agreement with Australia's Queensland state on royalty payments for its Carmichael coal project, putting the $10 billion project back on track.

The company will now consider making a final investment decision at its next board meeting.

The Sensex was up 84.15 points at 31193.43, while the Nifty was up 18.05 points at 9622.95. The market breadth, however, was negative as just 996 shares advanced against a decline of 1407 shares, while 151 shares were unchanged.

NTPC, Adani Ports and Aurobindo Pharma were the top gainers, while BHEL, Coal India and BPCL lost the most.

11.18 am Market Update: Equity benchmarks continued to be rangebound in morning trade as investors digested fourth quarter earnings and awaited monsoon that is expected to be at normal level.

The 30-share BSE Sensex was up 55.28 points at 31,164.56 and the 50-share NSE Nifty rose 6.40 points to 9,611.30.

The market breadth remained in favour of declines as about 1404 shares were in red against 884 advancing shares on the BSE.

ICRA has downgraded the bank's various debt instruments for the second time in four months, after the record Rs 5,158 crore annual loss eroded the bank's capital.

10:43 am Earnings Estimates: Aluminium major Hindalco Industries is expected to deliver good performance in the quarter ended March 2017 on higher LME prices. The company's capex is now over and its newly added capacities entered into the final stage of commissioning.

Profit is seen rising 29 percent year-on-year to Rs 460 crore and revenue may increase 23 percent to Rs 10,620 crore in January-March quarter, according to average of estimates of analysts polled by CNBC-TV18.

Operating profit during the quarter is expected to jump 18 percent to Rs 1,372 crore but margin may shrink 54 basis points to 12.92 percent compared with same quarter last year.

10:30 am Market Update: Benchmark indices as well as broader markets were volatile in morning trade, with the Nifty hovering around 9600 level.

The 30-share BSE Sensex was up 16.64 points at 31,125.92 and the 50-share NSE Nifty fell 1.95 points to 9,602.95.

The market breadth remained negative as about three shares declined for every two shares rising on the BSE.

10:15 am Buzzing: Aurobindo Pharma share price surged 10.6 percent intraday after the company said it is less worried about pricing pressure in the US and is confident about FY18 growth despite weak Q4 earnings.

The healthcare company, in its conference call, said price erosion in the US is likely to continue and that may be 7-8 percent. This is far less than its peers that expect in double digits.

Intensity of pricing pressure is expected to taper off in next few quarters, it believes.

It has strong portfolio of products and doesn't have dependence on any single product, Aurobindo said, adding it does not expect any pricing pressure on portfolio.

The 30-share BSE Sensex was up 52.31 points at 31,161.59 and the 50-share NSE Nifty rose 9.85 points to 9,614.75.

9:35 am FII View: Sakthi Siva of Credit Suisse said net foreign buying in Emerging Asia Ex-China has climbed to USD 28.4 billion in 2017 so far with the three biggest recipients being Taiwan, India and Korea.

On a rolling 12-month basis, net foreign buying in Emerging Asia Ex-China Ex-Malaysia has risen to 0.8 percent of market cap. "This is just shy of our 1 percent of market cap threshold that we consider crowded," she said.

With MSCI Asia Ex-Japan rallying to 621, she highlighted a further 3 percent upside to year-end target of 640.

The Indian operator of Domino's Pizza brand posted dismal set of numbers, with profit declining 75.9 percent for the March quarter at Rs 6.7 crore against Rs 27.8 crore year on year. A one-time loss of Rs 12.2 crore had hit the company's financials as well. The shocker, however, came in terms of the same-store-sales-growth (SSSG), which came in lower at -7.5 percent against analysts' expectation of around 4 percent.

9:15 am Market Check: Equity benchmarks started off Tuesday's trade on negative note due to profit booking after rising for three consecutive sessions.

The 30-share BSE Sensex was down 8.56 points at 31,100.72 and the 50-share NSE Nifty fell 9.50 points to 9,595.40.

The rupee opened at 64.63 to the dollar, down 0.2 percent from its previous close. On Monday, the rupee closed marginally weaker against the dollar at 64.50.

Bhaskar Panda of HDFC Bank said that the dollar index has firmed up a bit on the basis of political uncertainties in Europe. He said the USD-INR pair has been in consolidation mode around 64.50 to the dollar and that the same trend is likely to continue.

Panda added that the USD-INR is expected to trade between 64.45 and 64.70 in the immediate term.

Shares indexes in Asia traded mixed, following a directionless session yesterday as major markets around the world were closed for various holidays.